Finding the right personal loan can be stressful, but applying shouldn't be. This article compares the best personal loan apps for Android and iPhone, helping you find the perfect mobile personal loan application based on features like competitive interest rates, flexible repayment options, and easy application processes. We've reviewed dozens of apps to bring you our top ten, with Prosper, Bajaj Finserv, and OneMain Financial consistently ranking among the best for their user-friendly interfaces and reliable services. Get started on your loan search today with our expert guide to the best personal loan apps.
Top app personal loan
1. Prosper
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Prosper's personal loan app completely changed my finances. Unlike other loan apps that bog you down with confusing fees and slow processing, Prosper offers quick pre-qualification in minutes, transparent interest rates starting at 8.99% APR (as of October 26, 2023), and next-day funding in many cases. I chose Prosper because of its straightforward application process and the consistently positive reviews I found online highlighting its speed and customer service. The low interest rates and convenient mobile interface saved me money and stress compared to other options I explored.
Key Features:
- Quick loan amount and rate estimates.
- Easy application process, under 5 minutes.
- Fixed-rate options with various terms.
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2. Bajaj Finserv
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Need a personal loan fast? The Bajaj Finserv app simplifies the process, offering pre-approved loan options and instant approval in minutes – way faster than traditional banks. Unlike other loan apps, Bajaj Finserv boasts a streamlined application with minimal paperwork and competitive interest rates, saving you both time and money. With access to loan amounts up to ₹55 lakh and flexible repayment options, you'll find a plan that fits your budget. Their 50 million+ user base speaks to the app's reliability and trustworthiness.
Key Features:
- Quick application process for funding.
- High loan amounts available.
- Flexible repayment options offered.
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3. OneMain Financial
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OneMain Financial's mobile app offers convenient personal loan management, allowing users to make payments, track credit scores (including a monthly VantageScore update), and even access budgeting tools like Trim by OneMain. While convenient for existing customers, requiring an active account limits accessibility for new borrowers. Although the app boasts over 1.3 million downloads, suggesting widespread adoption, user reviews reveal occasional technical glitches and slow customer service response times as potential drawbacks. Overall, the app streamlines loan management for existing OneMain customers but lacks a direct application process.
Key Features:
- Manage your account easily.
- Make payments quickly and securely.
- Track your financial progress.
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4. MoneyLion
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MoneyLion is a mobile app offering personal loans, providing quick access to funds for various needs. A key benefit is its speed and convenience; users report receiving loan approvals within minutes, unlike traditional banks. However, MoneyLion's interest rates can be higher than those offered by traditional lenders, making it a more expensive option for those with good credit. While convenient for short-term needs, borrowers should carefully consider the total cost before applying, as APRs can reach upwards of 36% depending on creditworthiness and loan terms.
Key Features:
- Access to credit lines and borrowing options.
- Financial tools for responsible money management.
- Provides funding solutions for various needs.
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5. Empower
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Empower is a personal loan app designed to help you manage your money better, unlike other loan apps that often come with hidden fees or complex processes. It offers instant advances of up to $300 with 0% APR and no late fees, significantly reducing the financial burden compared to payday loans which often carry triple-digit interest rates. This means you can get the money you need quickly and easily without getting stuck in a cycle of debt. With Empower, you'll regain control of your finances and build a healthier credit history.
Key Features:
- Instant cash advances up to $300.
- Helps build positive financial habits.
- Provides financial tracking and budgeting tools.
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Other personal loan
The most important factors when choosing a personal loan
- Interest Rate
- Fees
- Repayment Terms
- Customer Reviews/Reputation